Updated:
D. Boral ARC Acquisition I Corp.
David Boral's blank-check firm raised $310M in 2021 and liquidated in 2023 without completing a merger. A SPAC case study in market timing.
D. Boral ARC Acquisition I Corp.
David Boral formed D. Boral ARC Acquisition I Corp. in 2021, incorporating the special-purpose acquisition company in Delaware and taking it public on the Nasdaq under the ticker DBACU. Boral, who previously served as president of Oldcastle APG's Northwest division, structured the SPAC with a standard 24-month deadline to identify and merge with a private company, raising $310 million by offering 31 million units at $10 each. The trust was anchored by a forward purchase agreement from ARC Global Investments, an affiliate of Boral's own operations. The SPAC's mandate focused on industrials, specifically the advanced manufacturing, engineered products, and building materials sectors. Boral's operational background suggested a potential pipeline in construction technology or specialty materials, but no target was ever formally announced. The vehicle competed for deals during a period of extreme SPAC indigestion, where over 600 blank-check companies saturated the market and regulatory scrutiny from the SEC intensified around forward purchase agreements and sponsor economics. In January 2023, D. Boral ARC Acquisition I Corp. announced it would redeem all outstanding shares and dissolve, returning the $310 million in trust to shareholders before the February 2023 deadline. The liquidation marked the end of a brief, quiet chapter — the firm never filed a proxy or disclosed any progress toward a definitive agreement during its two-year window. Goldman Sachs & Co. LLC received no deferred underwriting commission since the trust was returned unspent. The structure lacked the signaling power of top-tier sponsor teams, leaving it a vehicle defined by a single operator and a single market window. Boral's SPAC remains a case study in mid-market blank-check timing: launched at the tail end of the cycle, priced adequately, but unable to overcome the drought of quality targets willing to accept public-market valuations in 2022.
General information
Firm type
other
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
David Boral
Chairman and Chief Executive Officer
Frequently asked questions
What was the investment mandate of D. Boral ARC Acquisition I Corp.?
The SPAC targeted industrial technology, specifically companies in advanced manufacturing, engineered products, and building materials. This aligned with CEO David Boral's operational background at Oldcastle APG, a concrete manufacturer. However, the firm never publicly identified a specific acquisition target.
Why did the SPAC liquidate without completing a merger?
The firm cited an inability to complete a business combination within the required 24-month window, which expired in February 2023. The broader SPAC market was extremely challenging during this period, with high redemptions, declining PIPE financing, and increased SEC regulatory scrutiny. The trust returned the full $310 million to public shareholders.
Who was the sponsor team behind this SPAC?
The sponsor was D. Boral ARC Sponsor I LLC, led by David Boral, who served as Chairman and CEO. Boral's prior role was president of the Northwest division at Oldcastle APG, a subsidiary of CRH plc. ARC Global Investments, an affiliate, provided a forward purchase agreement anchoring the trust.
How much capital did the SPAC raise and who underwrote it?
The initial public offering raised $310 million in 2021 by selling 31 million units at $10.00 per unit on the Nasdaq. Goldman Sachs & Co. LLC acted as the sole book-running manager. No deferred underwriting compensation was paid since the trust was returned to shareholders upon liquidation.
What happened to investor capital when the SPAC dissolved?
All public shareholders received approximately $10.00 per share from the trust account upon the company's dissolution in January 2023. The sponsor's founder shares and private placement warrants were forfeited and expired worthless. The dissolution followed the standard trust-liquidation mechanics outlined in the original prospectus.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: